DENVER, Aug. 9, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today announced that it has closed its previously announced underwritten public offering of 5,175,000 shares. The net proceeds from the offering were approximately $276 million after deducting underwriter's compensation (but before estimated expenses). BofA Merrill Lynch acted as the sole underwriter of the offering. The Company intends to use the net proceeds from the offering to fund a portion of an expanded capital expenditure program for the remainder of 2013 and 2014, including the addition of a fourth drilling rig in the Wattenberg Field and/or a second rig in the Utica Shale, and for general corporate purposes. The Company may also use a portion of the proceeds to acquire additional Utica Shale acreage.
PDC Energy Closes Common Stock Offering
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